Academy Award-winning actor Nicolas Cage experienced the riches to rags more than any spoilt actors, who eventually blew up their fortune, owing to their expensive tastes.
After accumulating a fortune of over $150 million, starring in hits like Snake Eyes, the Cage’s addiction to eccentric purchases and poor real estate decisions, led to a debt of a whopping $6.3 million.
Nicolas Cage owned a $6 million debt to IRS
In a recent interview, the Leaving Las Vegas star opened up about how he opted for back-to-back crummy roles just so he could pay back the Internal Revenue Service (IRS). However, the actor denied the fact that he ever filed for bankruptcy amid exorbitant property taxes. Cage also revealed how he got into such massive debt in the first place.
Nicolas Cage Blames The Real Estate Crash For His Debts
National Treasure star Nicolas Cage, became an instant sensation in the ’80s with films like Valley Girl and Wild at Heart. This was the time when he was listed as one of the “12 Promising New Actors of 1984”. With mega-stardom stardom, came a mega-fortune, which couldn’t last longer, courtesy of Cage’s exquisite taste.
During an interview with 60 Minutes, Nicolas Cage, who got an Oscar for Leaving Las Vegas, revealed his overinvestment in properties amid a real estate crash led to a $6 million debt, but he never filed for bankruptcy. He said:
“The real estate market crashed and I couldn’t get out in time,” he said. “I paid them all back, but it was about $6 million. I never filed for bankruptcy.”
“Work was always my guardian angel,” Cage said. “It may not have been blue chip, but it was still work.”
“Even if the movie ultimately is crummy, they know I’m not phoning it in, that I care every time.”
Nicolas Cage with his Oscar for Leaving Las Vegas
Cage got stuck in a “one-two punch of cash flow issue” and a sharp decrease in home values, resulting in a huge debt. Cage accepted that he got over this financial dark hole by taking up almost every direct-to-video movie, resulting in numerous flops.
Nicolas Cage’s Journey From Being King of Good Times To King of Flops
By the age of 40, Nicolas Cage had already spent millions of dollars that he was essentially broke. Previously, Cage blamed his accountant for sending him “down a path toward financial ruin,” but one can hardly ignore his lavish purchases like a $300,000 dinosaur skull, an $8 million worth 11th-century Bavarian castle, and a $7 million 40-acre island south of Nassau.
Cage blew up his $150 million fortune, entering a really dark period. In a 2019 interview, Cage revealed how most of his movies turned out to be flops. Speaking about his paycheck, Cage said:
“I can’t go into specifics or percentages or ratios, but yeah, money is a factor. I’m going to be completely direct about that. There’s no reason not to be.” There are times when it’s more of a factor than not.
I still have to feel that, whether or not the movie around me entirely works, I’ll be able to deliver something and be fun to watch.”
Renfield (Nicholas Hoult) and Dracula (Nicolas Cage) in Renfield
In 2022, Nicolas Cage’s The Unbearable Weight of Massive Talent underperformed at the box office. This year, his horror-comedy, Renfield, starring Cage as Count Dracula, faced a major defeat at the box office.
The movie, which is being referred to as a “sloppy mess”, managed to gross only $24 million worldwide against a budget of $65 million. Cage completed paying back his debts sometime in 2020. As for movies, the 59-year-old actor certainly needs a lot more luck.